Nasdaq and S&P 500 Surge Amid Fed Rate Cuts and Nvidia's Intel Investment

The S&P 500 and Nasdaq marked new intraday record highs, buoyed by the Federal Reserve's recent quarter-point interest rate cut. Notably, Intel's stock soared 24.6% following Nvidia's decisive $5 billion investment in the chipmaker.

Amid this flurry, Federal Reserve Chair Jerome Powell emphasized the priority of addressing a softening labor market, hinting at further interest rate cuts by the end of 2025. Intel's upward trajectory contributed to gains in the tech-heavy Nasdaq and the broader S&P 500 technology sector.

Meanwhile, semiconductor stocks rallied, led by gains at companies like Applied Materials and Lam Research. In contrast, consumer staples slightly dipped, and the small-cap Russell 2000 index registered a 1.5% rise, thriving in the new low interest-rate climate.

(With inputs from agencies.)